News & Tips

Guidance adds preventive care items to high-deductible health plans

The IRS added 14 types of preventive care items that qualify to be provided under a high-deductible health plan to treat chronic medical conditions.

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FASB to propose delaying effective dates for 4 major standards

Effective dates for certain entities for key standards on accounting for leases, credit losses, hedging, and long-duration insurance contracts would change under a proposal FASB voted to direct its staff to draft.

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ASB addresses ERISA plan auditor reporting, other information in annual reports

The AICPA Auditing Standards Board issued new standards addressing auditor reporting on ERISA plan financial statements and an auditor’s “other information” responsibilities.

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AICPA issues forensic accounting standards

The AICPA issued new professional standards for members who perform forensic accounting services engagements.

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GASB seeks comment on several issues

GASB issued an omnibus exposure draft covering accounting and financial reporting issues identified during the implementation of previous GASB guidance.

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FASB considering goodwill accounting changes

FASB issued an Invitation to Comment on whether the board should make changes to the accounting for certain identifiable intangible assets acquired in a business combination and subsequent accounting for goodwill.

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Final rules permit truncated TINs on W-2s

As part of its effort to reduce identity theft, the IRS issued final rules permitting employers to provide truncated taxpayer identification numbers on Forms W-2, Wage and Tax Statement, they provide to employees.

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Advocacy update: Testifying on the ERISA audit process

The audit process can help employee benefit plan administrators fulfill their fiduciary duties, according to testimony by James Haubrock, CPA, chair of the executive committee of the AICPA Employee Benefit Plan Audit Quality Center.

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GASB proposes changes to Sec. 457 plan reporting

GASB proposed new guidance that would clarify the accounting and financial reporting of Internal Revenue Code Sec. 457 deferred compensation plans.

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FASB proposes narrow-scope changes to credit loss standard

FASB proposed changes that are designed to address issues that have arisen for stakeholders implementing the board’s new standard for accounting for credit losses.

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